Diversifying Your Income

95% of my income comes from my day job, which is in the insurance industry. If you haven’t read a newspaper in the last two years, the insurance industry has some interesting times ahead. Especially, the health insurance industry.

I nor anyone else, can predict what my income will be like in the next few years. This uncertainty, can be a little uncomfortable at times.

The way I see it, I can either sit back and just see what happens or I can take the proactive approach, and look to diversify my income sources. That’s one of the primary reasons I choose to start Gen Y Wealth, it’s a way to diversify my income and decrease the overall risk of my future income.

The Importance of Diversifying Your Income

Talking to many other Gen Y’ers, the concept of diversifying income has been a hot topic of discussion. Let’s face it, in our few years in the working world, layovers have been very common. We sort of laugh off the notion of job security.

We hope to be working for the same company, if we like our job, for a long time. However, there is just no way of knowing if this is true or not.

For those who haven’t found themselves in the right field yet, life is even tougher. If you quit or got laid off from your job, there is no guarantee that you will ever find one. An amazing 37% of Gen Y is underemployed.

I think we’re right in the middle of a massive shift in the way one things about their career and overall income. For years, it wasn’t that risky to rely on just one source of income. Now, with the instability of the economy, it has become one of the riskiest things you can do.

This is why I’m going to focus a lot more on diversifying your income in the future. You wouldn’t invest all of your investments in just one stock, so why should you spend all of your time on just one income source?

What If…

What if you had three income sources; a 9-5 job and two web based business that can pay the bills if you were to get laid off and that you spend just 10 hours on a week. If you were laid off from your 9-5, you could shift your time to expanding your other two sources of income. Yes, you wouldn’t be making as much as first, but you would have enough to get by in the beginning, with potential for more later on.

The reason I recommend web-based business is because start-up costs are so low. You can easily build a highly efficient business, for less $300 in start-up costs in a few months, that’s making over $1,000 a month. Give yourself a year, and you can easily make what you’re making in your 9-5 job.

When I first had the idea to diversify my income with an online business, I was pretty excited. However, I didn’t know where to start. Recently, I cam across and purchased The Empire Builder Kit.

The Empire Builder Kit is the best course I have come across on starting a home based business. The author of the course, Chris Guillebeau, is one of my favorite bloggers in the world. Unlike other make money online products, this course isn’t out to make you a quick buck. It’s about building a sustainable online business based off your interests. It even includes a 365-action check list for doing so.

Who Is The Empire Builder Kit For?

The Empire Builder Kit is for those who want to build their own empire. An online business that allows you to work when, where, and on what you want.

It’s not for anyone who wants to make a quick dollar online. This is for those who have a few hours a week to build a legit online business that has potential to make $50,000 – $100,000 in one year.

What’s Included in the Empire Builder Kit?

To get the full scoop on what’s included, head on over to the Empire Builder Kit homepage. There is a lot included in the EBK and Chris has hinted that there is more to come.

By far, the greatest part of the kit has been the interviews with successful online business owners. Chris gets successful online business owners to open up about how they are making money. I was amazed at all the opportunities that I was missing out on. One interview, easily made the Empire Builder Kit pay for for itself with one idea.

Getting Started with Empire Builder Kit

If you’re interested in starting a home based business this is the best course I have ever taken.Of course, if you click on the link from me, I do get paid if you decide to purchase the Empire Builder Kit as an affiliate. Just to let you know, this is something I spent my own money on and really believe in for anyone who wants to diversify their income.

The website goes into a lot more detail about what you get by purchasing the Empire Builder Kit.

The interview with the successful business owners sounds really useful. I think books written by people who haven’t got or ever had a successful business should be left alone because where you can avoid going wrong is by reading about the mistakes people have made on their way to success. I don’t know if the empire builder kit will work but that feature sounds very good.